Philanthropy provides opportunity for IFAs
IFAs have an opportunity to capitalise on the desire of higher earners to give more to their communities and in the process secure increased business from them.
The Shine A Light report from UK Community Foundations, the charitable network that distributes funds to local causes, has revealed that almost half (44 per cent) of people give money to their local community, while activity in local areas is also increasing.
However, donors are keen to make sure the most is made of their money with more than half (52 per cent) indicating they would give more if they could see the direct impact their donation had and the process was made easier.
With almost two thirds (65 per cent) of those surveyed who earn more than GBP50,000 believing that it is important to be active in their local community, there is evidently a desire by higher earners to engage with and support their community.
Stephen Hammersley, chief executive for UK Community Foundations, says: “IFAs have an important role to play when it comes to giving the right financial advice to clients. One stream of advice that shouldn’t be ignored, and could significantly expand their offering, is philanthropy. Many higher earners give and want to give more. They would benefit hugely from guidance on how to do this efficiently, to achieve their giving ambitions, manage the tax implications and better understand how this sits within their wider portfolio.
“This need for support and guidance could create a new revenue stream for IFAs, where they can show their added value and their comprehensive financial planning expertise. UK Community Foundations is well placed to support these activities and work with the IFA community to deliver bespoke philanthropy programmes to meet client need.”
Community foundations specialise in making sure that philanthropic donations reach the people that need them most. They are typically the largest community focused grant makers in their areas.
UK Community Foundations is the membership organisation for the 48 independent community foundations that work across the UK to raise then distribute money directly to local causes.
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